Banks’ Impairment Charges Down by 34% to N86bn in Six Months Goddy Egene Banks’ provision for loan losses have improved significantly as it reduced by 34 per cent in the six months ended June 30, according to the results posted by financial institutions on the Nigerian
Stock Exchange (NSE). The results compiled by THISDAY showed that a total of N85.625 billion was recorded as impairment charges by 14 banks, compared with N129.782 billion in the corresponding period of 2018. The banks were: Access Bank
Plc; Ecobank Transnational Incorporated; Fidelity Bank Plc; FBN Holdings Plc; Guaranty Trust Bank Plc; Jaiz Bank Plc; Sterling Bank Plc; Sterling Bank Plc; Stanbic IBTC Holdings Plc; United Bank for Africa Plc; Union Bank for Africa Plc; Unity
Bank Plc; Wema Bank Plc and Zenith Bank Plc. An impairment charge is the writing off of worthless goodwill. It refers to assets that are no longer of the same value as they were in a prior period. THISDAY’s investigation
showed that although the total value of impairment charges declined, 10 of the banks actually recorded reduction, while four recorded increases. For instance, Zenith Bank Plc, GTBank Plc, Unity Bank Plc and Sterling Bank Plc
made higher provisions for impairment charges, while the remaining 10 banks made provisions lower than what was provided for the corresponding period of 2018. However, Access Bank Plc’s Continued on page 6
NEITI: FAAC Disbursements Slump by N104bn in Six Months... Page 8 Tuesday 10 September, 2019 Vol 24. No 8919. Price: N250
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See Special Report on Governors' 100 Days in the Saddle... Pages 40 & 41
Attacks Not Xenophobic, South Africa Insists, Says 89 Nigerians Killed Believes bond with Nigeria still strong Seeks amicable resolution of crisis 640 Nigerians register to return home Ezekwesili, others ask Ramaphosa to apologise Omololu Ogunmade, Chuks Okocha and Adedayo Akinwale in Abuja The presidency yesterday revealed the message conveyed to South African President, Mr. Cyril Ramaphosa, by President Muhammadu Buhari's special envoy, Mr. Ahmed Rufai Abubakar, which had hitherto been shrouded
in secrecy. The presidential brief showed that the South African government repudiated the general belief that recent attacks on foreigners in the country were xenophobic even as THISDAY independent sources said its senior officials put the deaths since December Continued on page 6
Six Days to Deadline, PEPT Yet to Give Judgment Date Alex Enumah in Abuja When will the Presidential Election Petition Tribunal determine who between President Muhammadu Buhari of the All Progressives Congress (APC) and his main challenger in the February 23 presidential election, Alhaji Atiku Abubakar of the Peoples Democratic Party (PDP), won
the election? The question begs for answer six days to the deadline specified by the 1999 Constitution as altered and Electoral Act 2010 as amended for the determination of a petition filed by Atiku and his party. That was the cause of Continued on page 8
COURTING THE SEAT OF POWER... L-R: Executive Director, Global Banking, Standard Chartered Nigeria, Mr. Leke Ogunlewe; Group CEO, Mr. Bill Winters; Chief of Sta to the President, Malam Abba Kyari; and CEO, SC N, Mr. Lamin Manjang, during the bank oďŹƒcials’ courtesy visit to the Presidential Villa, Abuja... recently
DSS, Police, IMN Set for Showdown Today... Page 6
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